Tag Archives: clare business

SHANNON Aerospace saw a boost in profitability in 2013, according to newly-filed accounts. The profit recorded for the year was €1,119,000, which was more than nine times the 2012 figure. The company was involved in a serious dispute with workers over pensions earlier this year, with industrial action almost resulting. Regarding the pension scheme, the accounts state, “The company operates a contributory defined benefit pension scheme. At the end of 2013, the net pension deficit calculated by the scheme’s actuary had decreased to €15.69 million (2012: €17.79 million). The company has maintained its contribution rate at 13.3% of pensionable salary, up to a salary cap of €50,000. Since the year-end, the company have ceased contributions to the defined benefit pension plan and will replace it with a defined contribution benefit plan for its employees. Management are currently in negotiations with the company’s workforce regarding the structure of this new scheme.” The accounts state that the number of workers at Shannon …